Alain Swolfs: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Alain Swolfs
Largest movements
- Cash +€51,762
up €51,762 (+40.4%), from €128,256 to €180,019
mainly Net result for the year (+€69,342) and Depreciation (+€2,884)
- Tangible fixed assets +€6,760
up €6,760 (+145%), from €4,646 to €11,406
of which Furniture and vehicles: +€7,264
- Reserves +€69,342
up €69,342 (+71.3%), from €97,256 to €166,598
- Tax, wage and social debts -€9,484
down €9,484 (-33.1%), from €28,684 to €19,200
- Gross operating margin +€26,908
up €26,908 (+37.2%), from €72,413 to €99,320
- Taxes +€6,910
up €6,910 (+35.3%), from €19,587 to €26,498
- Depreciation +€2,223
up €2,223 (+336%), from €661 to €2,884
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €132,903 | €191,435 | +€58,532 | +44.0% |
| Fixed assets | 21/28 | €4,646 | €11,406 | +€6,760 | +145% |
| Tangible fixed assets | 22/27 | €4,646 | €11,406 | +€6,760 | +145% |
| Plant, machinery and equipment | 23 | €183 | €0 | -€183 | -100% |
| Furniture and vehicles | 24 | €2,049 | €9,314 | +€7,264 | +354% |
| Other tangible fixed assets | 26 | €2,414 | €2,092 | -€322 | -13.3% |
| Current assets | 29/58 | €128,256 | €180,029 | +€51,772 | +40.4% |
| Amounts receivable within one year | 40/41 | €0 | €10 | +€10 | |
| Other amounts receivable | 41 | €0 | €10 | +€10 | |
| Cash at bank and in hand | 54/58 | €128,256 | €180,019 | +€51,762 | +40.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €132,903 | €191,435 | +€58,532 | +44.0% |
| Equity | 10/15 | €102,256 | €171,598 | +€69,342 | +67.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €97,256 | €166,598 | +€69,342 | +71.3% |
| Distributable reserves | 133 | €97,256 | €166,598 | +€69,342 | +71.3% |
| Amounts payable | 17/49 | €30,646 | €19,836 | -€10,810 | -35.3% |
| Amounts payable within one year | 42/48 | €30,646 | €19,836 | -€10,810 | -35.3% |
| Financial debts | 43 | €640 | €0 | -€640 | -100% |
| Credit institutions | 430/8 | €640 | €0 | -€640 | -100% |
| Trade debts | 44 | €1,064 | €378 | -€686 | -64.5% |
| Suppliers | 440/4 | €1,064 | €378 | -€686 | -64.5% |
| Taxes, remuneration and social security | 45 | €28,684 | €19,200 | -€9,484 | -33.1% |
| Taxes | 450/3 | €28,684 | €19,200 | -€9,484 | -33.1% |
| Other amounts payable | 47/48 | €259 | €259 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €661 | €2,884 | +€2,223 | +336% |
| Other operating charges | 640/8 | €276 | €681 | +€405 | +147% |
| Gross operating margin | 9900 | €72,413 | €99,320 | +€26,908 | +37.2% |
| Operating profit (loss) | 9901 | €71,475 | €95,756 | +€24,280 | +34.0% |
| Financial income | 75/76B | €21 | €513 | +€493 | +2,378% |
| Recurring financial income | 75 | €21 | €513 | +€493 | +2,378% |
| Financial charges | 65/66B | €1,189 | €429 | -€759 | -63.9% |
| Recurring financial charges | 65 | €1,189 | €429 | -€759 | -63.9% |
| Profit (loss) for the period before taxes | 9903 | €70,307 | €95,840 | +€25,532 | +36.3% |
| Income taxes | 67/77 | €19,587 | €26,498 | +€6,910 | +35.3% |
| Profit (loss) for the period | 9904 | €50,720 | €69,342 | +€18,622 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,720 | €69,342 | +€18,622 | +36.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.